Current home available in Miami also homeowners are seeking for answers on flood damage from insurance companies

Homeowners seek answers on flood damage from insurance companies

About 1,800 homes in coastal Citrus County received enough flood damage from Hurricane Hermine that officials are taking a close look to see if they are “substantially damaged” and should be rebuilt/elevated to flood zone codes.
Q: Why just the house? Why not the entire property’s value? A: Flood insurance – which FEMA oversees – covers the repair/replacement cost of a person’s primary residence.
Here are some questions and answers about the issue: Q: What is meant by “substantially damaged”? A: If the repair costs of a home damaged by Hurricane Hermine exceed 50 percent of that house’s pre-storm value, it must be rebuilt to flood zone codes.
Q: Does insurance cover homes that need to be rebuilt if they are substantially damaged? A: That’s up to the insurance company, but generally insurance companies will not cover flood damage.
Although the rule itself is simple – homes are substantially damaged if repairs exceed 50 percent of the house’s value – breaking down the definitions of value and repair costs is not so simple.
Some homeowners want a “substantial damaged” declaration to show their insurance companies in the hopes they will receive a settlement to pay for rebuilding homes.
The city and county both also used FEMA’s “substantial damage estimator” that placed values at $112 per square foot, minus a percentage for depreciation.
Q: Why does the 50 percent rule exist? A: FEMA oversees the federal flood insurance program.

Source: Florida Realtors